Mumbai-based real estate developer Phoenix Mills Ltd reported strong operational progress across its retail, commercial office, hospitality, and residential segments during the quarter and nine months ended December 31, 2025 (Q3 & 9M FY26). The company demonstrated robust performance with significant growth in retail consumption and improved occupancy rates across its commercial office portfolio.

Retail Portfolio Shows Strong Momentum

The retail segment delivered impressive performance during the quarter, with consumption standing at ₹4,787.00 crore in Q3 FY26, marking a substantial 20% year-on-year increase. For the nine-month period, consumption rose 15% year-on-year to ₹12,122.00 crore.

Demand remained broad-based during the festive quarter, even as select assets continued to undergo planned revamp and premiumisation initiatives. Newer malls, including Phoenix Mall of Asia in Bengaluru and Phoenix Mall of the Millennium in Pune, continued to scale up and contributed meaningfully to portfolio momentum.

Commercial Office Segment Demonstrates Strong Leasing Activity

The commercial office segment maintained strong momentum with robust leasing activity throughout 9M FY26. Gross leasing reached approximately 1.20 million square feet during the nine-month period.

Leased occupancy across operational assets in Mumbai and Viman Nagar in Pune improved significantly to 77% as of December 2025, compared with 67% as of March 2025. Leased occupancy across new office developments in Pune, Bengaluru, and Chennai stood at 41%, with advanced-stage leasing discussions providing visibility on further ramp-up.

Key Operational Milestones Achieved

Several important developments marked the quarter:

• Millennium Towers 1 and 2 in Pune received Occupation Certificates in Q3 FY26
• Millennium Tower 3 had received its certificate earlier in March 2025
• Millennium Towers achieved USGBC LEED Platinum certification in November 2025

Hospitality and Residential Segments Show Steady Growth

The hospitality portfolio delivered steady performance during Q3 and 9M FY26, supported by strong occupancies and ARR-led growth in Revenue Per Available Room. The St. Regis, Mumbai, recorded RevPAR growth of 10% year-on-year in Q3 FY26 and 8% year-on-year in 9M FY26, with occupancy levels at 86% during the quarter.

Residential sales showed remarkable improvement, with gross residential sales reaching ₹140.00 crore in Q3 FY26, compared with ₹58.00 crore in the corresponding quarter last year. For the nine-month period, gross residential sales stood at ₹412.00 crore, up from ₹135.00 crore in 9M FY25.

Phoenix Mills has delivered impressive results in its residential segment for Q3 FY26, showcasing strong growth momentum in the real estate market. The company's residential sales performance reflects robust demand and successful project execution during the quarter.

Strong Residential Sales Performance

The company reported gross residential sales of approximately ₹140.00 crores in Q3 FY26, representing a remarkable increase from the previous year's corresponding quarter. This performance demonstrates the company's ability to capitalize on market opportunities and deliver value to customers in the residential segment.

Year-on-Year Growth Analysis

The residential sales figures show substantial year-on-year improvement, with the company achieving a growth rate of 141.38% compared to Q3 FY25. The previous year's Q3 recorded gross residential sales of ₹58.00 crores, making the current quarter's performance particularly noteworthy.

This significant increase of ₹82.00 crores in absolute terms indicates strong market acceptance of the company's residential offerings and effective sales strategies. The growth trajectory suggests positive momentum in the residential real estate segment for Phoenix Mills.

Market Position and Performance

The substantial increase in residential sales reflects the company's strengthened position in the real estate market. The more than doubling of sales figures demonstrates the effectiveness of the company's residential project portfolio and its ability to meet market demand during Q3 FY26.